Closes:<\/strong> 31 December 2026<\/li>\n<\/ul>\nDeclarations are required to be filed online<\/strong> within the prescribed time. No declaration can be filed after the closure of the scheme.<\/p>\n<\/span>Who Can Avail the Scheme?<\/span><\/span><\/h3>\nThe scheme is available to resident taxpayers in India and certain Non-Residents (NRs) and Resident but Not Ordinarily Residents (RNORs), subject to the prescribed residency conditions. Taxpayers should carefully examine their residential status and eligibility before filing a declaration.<\/p>\n
<\/span>What Amount is Payable?<\/span><\/span><\/h3>\nThe scheme provides different treatment depending upon the nature of the foreign asset or income and the manner in which it was acquired.<\/p>\n
<\/span>1. Undisclosed Foreign Assets or Income up to INR 1 Crore<\/span><\/span><\/h4>\nWhere foreign assets or income were not disclosed and are eligible under the scheme:<\/p>\n
\n- Tax: 30%<\/li>\n
- Additional Amount: 30% of the disclosed value<\/li>\n<\/ul>\n
E<\/strong>ffective Levy: 60%\u2014For example, if the disclosed foreign asset\/income is valued at \u20b950 lakh, the total amount payable under the scheme would be INR 30 lakh.<\/p>\n<\/span>2. Assets Acquired from Tax-Paid Income but Not Reported in Schedule FA<\/span><\/span><\/h4>\nIn cases where:<\/p>\n
\n- The foreign asset was acquired from income already taxed in India, or<\/li>\n
- The taxpayer qualified as an NRI when the asset was acquired, but<\/li>\n
- The asset was omitted from disclosure in Schedule FA of the income tax return.<\/li>\n<\/ul>\n
A concessional compliance mechanism is available.<\/p>\n
Payable Amount: Flat fee of INR 1 lakh<\/p>\n
This relief is available where the aggregate value of foreign assets does not exceed INR 5 crore<\/strong>.<\/p>\n<\/span>3. Assets Exceeding INR 5 Crore<\/span><\/span><\/h4>\nThe scheme does not extend this concessional treatment where the aggregate foreign asset value exceeds the prescribed threshold of INR 5 crore<\/strong>.<\/p>\n<\/span>Valuation of Foreign Assets<\/span><\/span><\/h3>\nFor the purpose of disclosure, foreign assets must be valued as of the valuation date:\u00a031 March 2026.\u00a0The declared value must be determined in accordance with the valuation rules prescribed under the scheme.<\/p>\n
<\/span>How is Fair Market Value Determined?<\/span><\/span><\/h3>\nThe method of valuation varies depending upon the nature of the asset, such as:<\/p>\n
\n- Foreign bank accounts<\/li>\n
- Shares and securities<\/li>\n
- Foreign immovable property<\/li>\n
- Jewellery and artwork<\/li>\n
- Other overseas investments<\/li>\n<\/ul>\n
In many cases, the higher of the acquisition cost and prescribed Fair Market Value (FMV) is considered for disclosure purposes.\u00a0Where a prescribed valuation is not readily available, the rules may require an alternative valuation methodology, including indexed cost in specific situations.<\/p>\n
<\/span>When Can a Disclosure Be Made?<\/span><\/span><\/h3>\nA taxpayer may opt for the scheme where<\/p>\n
\n- Foreign income or assets were not disclosed earlier<\/li>\n
- Income tax returns were not filed despite disclosure obligations<\/li>\n
- Foreign assets were omitted from Schedule FA<\/li>\n
- The Foreign income or assets escaped assessment<\/li>\n
- Inaccurate or incomplete reporting was made in earlier years<\/li>\n<\/ul>\n
<\/span>Why This Opportunity Matters<\/span><\/span><\/h3>\nThe tax authorities are increasingly relying on:<\/p>\n
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<\/p>\n